Homes & Relocation Detail
The Nova Scotia property market
Jo-ann Hodgson investigates the state of the Nova Scotian property market and highlights the most popular areas for certain buyers in the province
Despite not experiencing the 'boom prices' of western provinces over recent years, a record number of homes were sold at record-setting prices in Nova Scotia during 2007. Indeed, the eastern province's property market is experiencing healthy and steady growth – property prices having risen by between 40 to 50 per cent in major centres in the past five years – and looks set to continue to do so in coming years. "The most commonly expressed speculation seems to be that Nova Scotia has not experienced the 'boom prices' that other major markets have seen across the country for example, in Vancouver, Calgary, Edmonton and the Prairies," says Dave Kerr, Associate Managing Broker with Royal Le Page Atlantic. "Instead, it's been a steady lifestyle draw to the East Coast. As a result, all indications are that we're the 'jewel in the crown' in terms of Canadian market appreciation. The next three to five years are expected to be very good to the East Coast, ahead of the rest of the country."
Property prices in Nova Scotia remain relatively inexpensive and there is plenty of room and potential for capital appreciation. At CDN$182,442, the average Nova Scotian property price is far below that of the national average figure of CDN$309,448 and the choice of property on the market is wide, including ocean front estates, lakeside properties, rustic cottages, as well as city-centre condominiums, townhouses and suburban family homes. Typical Nova Scotian architecture is characterised by timber-framed painted property with asphalt or wood shingled roof tiles, set in a landscape similar to that of Cornwall in the UK.
To investors looking to purchase property in the province, Kilmeny Fane-Saunders, managing director of Second Home Properties, offers the following advice: "Investors looking for good value should consider ocean-front property further along the south in the west part of Lunenburg County and into Queens County towards Liverpool and beyond. As prices rise in Chester and Mahone Bay, those wanting ocean front property are looking slightly further a-field for good value." With over 7,000 kilometres of waterside land, Nova Scotia has an abundance of waterside property and land purchase opportunities at affordable prices. For example, Landcorp International is currently selling half-acre shares for £14,975 in a 1,000-acre site at Forest Lakes Country Club near Halifax. The site is already zoned to permit development of residential units, commercial and recreational facilities. The estate will also include a 25-acre lake, boutique hotel and 18-hole golf course. As well as such investment opportunities, Kerr notes that "quality residential developments offering amenities and facilities within an hour of the major centres will probably be the best investments. "The condo business is picking up considerable momentum in Halifax Proper and the Peninsula. Many consider the market undervalued so it's only a matter of time until people realise this."
Indeed, Halifax's housing market is growing at a rapid rate as the city attracts an increasing number of students, emigrants and inter-provincial migrants each year.
According to a recent census, 7.5 per cent of citizens of Halifax Regional Municipality moved to the area from other parts of Canada between 2001 and 2006, making it second only to Calgary among major cities for drawing people from out-of-province locations. Combined with immigrants, almost one in ten residents of Halifax arrived from outside Nova Scotia in the last five years. "The face of Halifax is changing," Fred Morley, chief economist with the Greater Halifax Partnership told the Daily News in January this year. "We're becoming a national city, not a provincial city." Morley noted that the biggest draws in Halifax are universities – Dalhousie University now gets more than half of its students from outside Nova Scotia – colleges and the military. And the city, the largest urban area in Atlantic Canada, looks set to attract more immigrants and property buyers in coming years as the job market opens up. "Halifax is the centre of the province's growth and in the coming years hundreds of aerospace jobs and thousands more in financial services and information technology are likely to spring up around the city," says Kerr. "There are also big possibilities in the energy industry, with the discovery of natural gas which is coming onstream from a new Atlantic field by 2010."
So if you want to join the thousands of Canadians and international emigrants picking up their own slice of the Nova Scotian property market, it may be best to act soon to get the best deals.
Brit Case study
Dave and Kath Young, of Hawnby, North Yorkshire, bought a two-bedroom lakeside cottage for £65,000 in early 2006. The property is located within a two-hour drive of the airport, 30 miles of a beach, a 20-minute drive of a large national park, and is 40 miles from shops and malls. Kath says: "We wanted a property where we could have fun with our kids – Isobel, five, and Matthew, three – that wasn't too far from England, but at the same time a world away." Having looked at other places in Canada, we found that nothing beat Nova Scotia for a family holiday, and property is of such good quality and value that we have bought a lakeside cottage. It's fantastic, with swimming and boating on our doorstep and great beaches within 30 minutes. We escape to our holiday retreat as often as possible."
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